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Weekly Large Trader COT Report: Gold
Gold speculative positions are up to highest level in over a year
GOLD Non-Commercial Positions:
Gold speculator and large futures traders sharply boosted their gold bullish positions higher last week for a seventh consecutive week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +174,810 contracts in the data reported through March 8th. This was a weekly change of +22,397 contracts from the previous week’s total of +152,413 net contracts that was registered on March 1st.
The rise in the weekly net speculator positions (+22,397 net contracts) was due to a jump in the weekly bullish positions by 29,709 contracts that overtook a gain in the weekly bearish positions by 7,312 contracts.
Gold speculator positions are now at their highest bullish level since February 3rd 2015 when total positions equaled +185,015 contracts.
Gold Commercial Positions:
In the commercial positions for gold on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) increased their overall bearish positions to a net total position of -195,372 contracts through March 8th. This was a weekly change of -23,941 contracts from the total net position of -171,431 contracts on March 1st.
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GLD ETF:
Over the weekly reporting time-frame, from Tuesday March 1st to Tuesday March 8th, the price of the (GLD) Gold ETF (NYSE:GLD), which tracks the gold spot price, rose from approximately $117.77 to $120.58, according to ETF price data of the SPDR Gold Trust ETF (GLD).
*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
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